Flipkart co-founders Bansals new billionaires: Forbes India

23/09/2015

India’s leading e-retailer Flipkart’s co-founders Sachin Bansal and Binny Bansal are the latest billionaires in the country, with $1.3 billion (Rs.8,582-crore) net worth each, according to leading business magazine Forbes India’ rich list released on Wednesday.

“Indian e-commerce has added its first billionaires with Flipkart’s founders (Bansals) making debut on our rich list at number 86, with $1.3 billion net worth each,” the magazine said in a statement here.

Similarly, wealth of 10 tycoons slumped by $1 billion over the year owing to global and domestic factors, including a volatile stock market and currency fluctuations.

Fortune of steel magnate L.N. Mittal (65) declined by $4.6 billion to $11.2 billion and his ranking in the rich list slipped to eight from five year ago, as his and world’s largest steel major ArcelorMittal was hit by imports from China.

“India is facing a reality check in 2015 after the euphoria in 2014. Though it has impacted several big fortunes in the top 100, the country’s entrepreneurial spirit remains buoyant, as evident from a dozen new faces on the list,” said Forbes Asia’s India editor Naazneen Karmali.

Mahindra group chairman Anand Mahindra (60) is ranked at 99 with a net worth of $1.12 billion.

The rich list also has 12 new comers, including IndiGo budget carrier co-founder Rakesh Gangwal at 70 with $1.6 billion net worth, while his friend and co-founder Rahul Bhatia moved up 12 positions from last year to 38 with $2.4 billion net worth.

The biggest gainer is Poonawalla, the vaccine magnate, whose fortune increased to $7.9 billion from $6.2 billion in 2014 and entered the top 10 list at nine. He recently bought heritage property Lincoln House in Mumbai for $110 million.